Tabreed’s Annual General Assembly approves cash dividend

Abu Dhabi, UAE: In an announcement, Tabreed has revealed that its shareholders have approved a cash dividend of six Fils per share for 2015, at the company’s Annual General Assembly (AGA), chaired by Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, and attended by Tabreed’s board of directors, shareholders, and the company’s senior leadership team. The approved dividend, the announcement said, is 20% higher than the dividend distributed the previous year, and comes in the wake of company posting positive financial and operational results in 2015, with its net profit increasing by six per cent, to reach AED 345 million. The company’s net income, Tabreed claimed, has been growing at a rate of 13% since 2012. According to Tabreed, the dividend of six fils per share represents a yield of six per cent, placing the company’s dividend yield in the top 10 among listed companies on the Dubai Financial Market (DFM). Shareholders also reportedly approved amendments to Tabreed’s Articles of Association, in line with the requirements of the new UAE Commercial Companies Law. “Tabreed’s performance continues to steadily grow year-on-year, and the company today has a robust capital structure underpinned by a stable and recurring revenue stream,” Al Muhairi said, commenting on Tabreed’s performance in 2015. Addressing Tabreed’s shareholders, Jasim Husain Thabet, CEO of Tabreed, added: “Tabreed’s position as the only District Cooling provider that operates across the GCC [region], has enabled us to benefit from the continued growth opportunities in markets, such as Qatar and Saudi Arabia, in addition to the UAE. We expect this pattern to continue in the years ahead, and for the company to leverage on its existing network and strong presence across these key regional markets. In the ever-changing macro-economic environment, we have witnessed an increased interest by local and foreign institutional investors in Tabreed over the past year, as the company continues to provide stable and attractive returns to shareholders.” Tabreed revealed that operationally, it now has several major projects under development across the region, including the 45,000 TR District Cooling plant for Dubai Parks and Resorts, and a 40,000 TR plant in Doha’s West Bay.